P.M. BRIEFING : Lynch to Bow Out at Magellan
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BOSTON — Peter Lynch, regarded as one of the top stock managers in the country, announced today he will retire as the overseer of Fidelity Investments’ $13-billion Magellan mutual fund.
In a statement from the company, Lynch said: “When I was 10 years old my father died. He was 46. Now I’m 46, and this is very much on my mind.”
“I have been blessed in my 21-year career with Fidelity and I very much want to give something back to the community,” he said. “In addition, I strongly wish to increase my commitment to my family.”
Lynch’s retirement date will be May 31. The new portfolio manager of the Magellan fund will be Morris Smith, 33, currently manager of Fidelity OTC Portfolios.
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